Mortgages for New Canadians with less than 20% downpayment

HomeOpeners®: New to Canada Program

Here is a story about how a young family who emigrated from Mexico was able to purchase a home despite having no established credit in this country.

Video Transcription

Hello, my name is Annie Carpentier and I am an account manager at Genworth Canada.

Many new immigrants share the same dream of homeownership in Canada. Let me tell you how a young family who emigrated from Mexico was able to purchase a home despite having no established credit in this country.

Michael and Grace Domingo and their three children made the move to Canada mainly for the sake of their children’s education.

They obtained their landed immigrant status and were in the midst of getting Canadian permanent residency. Michael and Grace were working full time and the children were full-time students.

They had been renting an apartment for a year and a half since their arrival and they felt that the time was right to establish permanent roots in Canada by buying their first home. However, the Domingos hadn’t built any credit of their own in Canada, and qualifying for a mortgage by traditional means wasn’t an option.

They found the perfect home mid-way between Grace and Michael’s jobs in a safe and friendly family neighborhood. But how could they qualify for a mortgage?

The Domingos sought out the help of a mortgage professional, who helped them secure a mortgage through Genworth’s New to Canada program. This program makes it possible for qualifying newcomers to Canada to secure a mortgage with as little as five per cent down payment, that way, they can start building equity sooner. This program is available for up to five years after arrival in Canada.

They qualified by investing 10 per cent of the purchase price as a down payment and proved their creditworthiness by showing a strong history of always paying their rent and utilities bills in a timely fashion over the last year.

Now in their new home, the Domingos are building equity rather than paying rent and they are establishing themselves in their community.

Genworth’s New to Canada program opened the door to homeownership for this young family, providing them with the opportunity to own their own home and becoming economically established in Canada..

Know your options and ask your mortgage professional how Genworth Canada can help you realize the dream of homeownership sooner.

A conventional mortgage in Canada normally requires a down payment of at least 20% of the purchase price. When homebuyers have less than 20% for a down payment, Mortgage Insurance allows them to secure a mortgage for their home purchase.

A conventional mortgage in Canada normally requires a down payment of at least 20% of the purchase price. When homebuyers have less than 20% for a down payment, Mortgage Insurance allows them to secure a mortgage for their home purchase. Tailored Mortgage Insurance products from Genworth Canada can help you…

Series Trailer Episode 1: Meet the couple and their team of professionals Episode 2: Discovering what you can afford Episode 3: The hunt for home begins Episode 4: The inspection uncovers…crucial decisions Episode 5: An offer, a closing and place to call your own Own Sweet Home Video SeriesFollow Adam…